bitcoin ·
Strategy (MSTR) Posts Record Operating Income as Bitcoin Rebounds in Q3 2026
Strategy posted the largest operating income in its history on Thursday, booking $20.91 billion for the third quarter of 2026.
Most of that total came from a paper gain on the company’s bitcoin stack. Net income reached $19.53 billion, or $44.75 per diluted share, up from $2.79 billion a year earlier.
Chief Financial Officer Andrew Kang, who announced his departure in the same release, framed the result plainly: “Q3 operating income of $21 billion was the largest ever in Strategy’s history.” Strategy marks its bitcoin to market each quarter, so every price move flows into earnings.
The company’s 848,517 bitcoin were worth $68.9 billion as of October 23, when the token traded at $81,200. The holdings carry an average cost of $75,446, which leaves the position in the black on paper.
Kang pointed to the purchases as the engine of the quarter, saying the company “increased our bitcoin holdings by 26% year-to-date in a challenging bitcoin market.” Total revenue fell 3%from a year ago to $125.4 million, below analyst estimates of $127.2 million.
